This housing market
10-May-22 8:57am
#1 MrBean
I hope none of you are currently in the market. I've been in my house for 13 years and we committed to moving out before our oldest starts Kindergarten - which is this August.
I knew that costs were high, but what the fudge, even the interest rates are bat crap right now. I couldn't believe it when we started playing the numbers game and they're in the mid to high 5's right now. Son of a dog. Had we simply done this last year, we would have been in such a better spot.
This is just fudgeed. I really debate if we shouldn't wait longer, but the reality is ... is this the new norm? Will it come back down? Every time we find something in budget, it's gone the same day. Having a contingent bid, we're always behind the 8 ball as cash is king right now.
This is slightly out of our comfort zone for how much we want to spend, but man ... I love it. The problem is, the upkeep of the yard, jesus christ ... it's a bit much. https://www.zillow.c...
#1 MrBean
I hope none of you are currently in the market. I've been in my house for 13 years and we committed to moving out before our oldest starts Kindergarten - which is this August.
I knew that costs were high, but what the fudge, even the interest rates are bat crap right now. I couldn't believe it when we started playing the numbers game and they're in the mid to high 5's right now. Son of a dog. Had we simply done this last year, we would have been in such a better spot.
This is just fudgeed. I really debate if we shouldn't wait longer, but the reality is ... is this the new norm? Will it come back down? Every time we find something in budget, it's gone the same day. Having a contingent bid, we're always behind the 8 ball as cash is king right now.
This is slightly out of our comfort zone for how much we want to spend, but man ... I love it. The problem is, the upkeep of the yard, jesus christ ... it's a bit much. https://www.zillow.c...
1-Aug-22 2:15pm
#101 Scott
brian9824 wrote:
Scott wrote:> razeak wrote: |>> We got lucky in the last housing crisis. Nabbed a foreclosure at 30% of it's value.> > We did the same thing
Not quite the same, but I got my current 2/2.5 `1200 SF townhouse for around $160k when the previous owners paid $300k. I know its worth over 300k now. The market is crazy and its going to crash again soon. It has to as people can't afford anything.
We bought our previous house in early 2009. The market wasn't at its absolute worst then, but it was pretty close. The house was built in 2005 and sold for $215k originally. We bought it for $80k. We ended up selling it in 2019 because we wanted to move back to our home state. We sold it for $165k and only owed around $66k on it, so we were able to put a sizeable down-payment on our new home, and it was a pretty big upgrade from the previous house. I'm still amazed and thankful for how it all worked out.
#101 Scott
brian9824 wrote:
Scott wrote:> razeak wrote: |>> We got lucky in the last housing crisis. Nabbed a foreclosure at 30% of it's value.> > We did the same thing
Not quite the same, but I got my current 2/2.5 `1200 SF townhouse for around $160k when the previous owners paid $300k. I know its worth over 300k now. The market is crazy and its going to crash again soon. It has to as people can't afford anything. We bought our previous house in early 2009. The market wasn't at its absolute worst then, but it was pretty close. The house was built in 2005 and sold for $215k originally. We bought it for $80k. We ended up selling it in 2019 because we wanted to move back to our home state. We sold it for $165k and only owed around $66k on it, so we were able to put a sizeable down-payment on our new home, and it was a pretty big upgrade from the previous house. I'm still amazed and thankful for how it all worked out.
1-Aug-22 2:55pm
#102 loztdogs
I just sold my house in ca and moved to Montana. I owed 221k when I sold it for 552k… talk about crazy. I would never have paid that much for my old house.
#102 loztdogs
I just sold my house in ca and moved to Montana. I owed 221k when I sold it for 552k… talk about crazy. I would never have paid that much for my old house.
1-Aug-22 4:23pm
#103 Master_Z
My friend in rural Indiana bought his house just a couple years ago for $133k. Thanks to this silly market, he just listed it for $307k. I doubt I'll be able to get my dream home for a long, long time if this is how the market will be. I refuse to pay $230k where I live for some small, run-down homes in bad areas.
#103 Master_Z
My friend in rural Indiana bought his house just a couple years ago for $133k. Thanks to this silly market, he just listed it for $307k. I doubt I'll be able to get my dream home for a long, long time if this is how the market will be. I refuse to pay $230k where I live for some small, run-down homes in bad areas.
1-Aug-22 4:26pm
#104 Feeb
Problem is buying another. Our house is worth double but with inflation that’s not real. Every house is worth much more than it was a few years back.
#104 Feeb
Problem is buying another. Our house is worth double but with inflation that’s not real. Every house is worth much more than it was a few years back.
1-Aug-22 4:59pm
#105 razeak
HybridCRoW wrote:
I barely read into the whole buying up foreclosures and sheriff's auctions stuff, but it's to my understanding you need to have cash up front for them... I also don't like them because I think I read a LOT of them don't let you see what you're buying. Yet, I've had family members tell me to look into those options....
I purchased directly from the bank that had foreclosed.
#105 razeak
HybridCRoW wrote:
I barely read into the whole buying up foreclosures and sheriff's auctions stuff, but it's to my understanding you need to have cash up front for them... I also don't like them because I think I read a LOT of them don't let you see what you're buying. Yet, I've had family members tell me to look into those options....
I purchased directly from the bank that had foreclosed.
1-Aug-22 8:39pm
#106 John
So, we should clarify some things with foreclosures. When a property is foreclosure, it usually goes up for sale "on the courthouse steps." People submit bids -- often closed bids with their maximum amount. The bank also usually submits a bit -- often the amount that is owed. So, sometimes, deals can be had here -- but they are risky.
In most cases, no one actually bids against the bank -- or the bank wins anyhow because so much is owed. The bank then becomes the owner of the property. Eventually, they then list it for sale through more traditional means -- usually using a Realtor that they use for all of their foreclosures. When you buy there, you can often still get a deal -- but it is a much less risky situation (and inspections and such are often allowed -- and you can go in and see it, of course, because the bank already had to go through evicting anyone that stayed once they became the final owner).
#106 John
So, we should clarify some things with foreclosures. When a property is foreclosure, it usually goes up for sale "on the courthouse steps." People submit bids -- often closed bids with their maximum amount. The bank also usually submits a bit -- often the amount that is owed. So, sometimes, deals can be had here -- but they are risky.
In most cases, no one actually bids against the bank -- or the bank wins anyhow because so much is owed. The bank then becomes the owner of the property. Eventually, they then list it for sale through more traditional means -- usually using a Realtor that they use for all of their foreclosures. When you buy there, you can often still get a deal -- but it is a much less risky situation (and inspections and such are often allowed -- and you can go in and see it, of course, because the bank already had to go through evicting anyone that stayed once they became the final owner).
1-Aug-22 9:53pm
#108 mcorrado
Feeb wrote:
Does “the bank” ever not own a property? Serious question.
Yes when the mortgage is paid off.
#108 mcorrado
Feeb wrote:
Does “the bank” ever not own a property? Serious question.
Yes when the mortgage is paid off.
2-Aug-22 7:04am
#110 mcorrado
The bank never owns the property. The bank has a lien on the building and land due to loaning you the money. If you stop paying them, they have the right to seize the property as collateral to basically repay their loan to you.
Assuming your question meant does the bank ever not have an interest on your property, it's when you pay them back in full.
If you really did mean when do they not own property, they rarely ever own property. Banks don't want to own property. If they have to they'll take ownership as a form of repayment, but its really one of their last resorts.
#110 mcorrado
The bank never owns the property. The bank has a lien on the building and land due to loaning you the money. If you stop paying them, they have the right to seize the property as collateral to basically repay their loan to you.
Assuming your question meant does the bank ever not have an interest on your property, it's when you pay them back in full.
If you really did mean when do they not own property, they rarely ever own property. Banks don't want to own property. If they have to they'll take ownership as a form of repayment, but its really one of their last resorts.
2-Aug-22 1:55pm
#111 John
Well, since we were talking about foreclosures here... The bank does often own them during that time after they have taken them back while they are listed for sale through more normal means. So, we have some people above who bought their house from a bank.
But, otherwise, yes, I agree. Banks don't own them when we're paying a mortgage on them even. They just have some rights tied to them. :)
#111 John
Well, since we were talking about foreclosures here... The bank does often own them during that time after they have taken them back while they are listed for sale through more normal means. So, we have some people above who bought their house from a bank.
But, otherwise, yes, I agree. Banks don't own them when we're paying a mortgage on them even. They just have some rights tied to them. :)
2-Aug-22 3:09pm
#112 Frank
It's a great time to sell, but an absolutely awful time to buy. If you are okay going from a house to an apartment, now is a good time to sell.
On the flip side, if you're looking to downsize, or upsize, the buyer's market is awful. What used to be negotiations to lower the total cost, are now bidding wars to see who is willing to pay the most for said home.
#112 Frank
It's a great time to sell, but an absolutely awful time to buy. If you are okay going from a house to an apartment, now is a good time to sell.
On the flip side, if you're looking to downsize, or upsize, the buyer's market is awful. What used to be negotiations to lower the total cost, are now bidding wars to see who is willing to pay the most for said home.
2-Aug-22 4:14pm
#113 Sid_Ceaser
Our area in the northeast is a nightmare.
I think NPR just said this morning that the apartment rental availability is 1/4th of 1%. Studio apartments being rented for what a two or three bedroom goes for. There is zero availability for anything - companies are buying up apartment complexes and jacking the rent up by as much as a thousand bucks.
And forget houses. Average price right now is like 450k.
The term "starter homes" don't exist any more. That phrase has been wiped off the planet.
What a fudging mess.
#113 Sid_Ceaser
Our area in the northeast is a nightmare.
I think NPR just said this morning that the apartment rental availability is 1/4th of 1%. Studio apartments being rented for what a two or three bedroom goes for. There is zero availability for anything - companies are buying up apartment complexes and jacking the rent up by as much as a thousand bucks.
And forget houses. Average price right now is like 450k.
The term "starter homes" don't exist any more. That phrase has been wiped off the planet.
What a fudging mess.
7-Aug-22 5:36am
#114 ryanflucas
I'm looking at homes in the range of 300k to 350k with people tossing 100k+ over asking in cash. I was at a open house recently where a couple brought the actual cash with them. The realtor said "haha we don't accept motion picture cash" followed by "holy crap this is real" and kicked us all out.
#114 ryanflucas
I'm looking at homes in the range of 300k to 350k with people tossing 100k+ over asking in cash. I was at a open house recently where a couple brought the actual cash with them. The realtor said "haha we don't accept motion picture cash" followed by "holy crap this is real" and kicked us all out.
7-Aug-22 9:24am
#115 MrBean
ryanflucas wrote:
I'm looking at homes in the range of 300k to 350k with people tossing 100k+ over asking in cash. I was at a open house recently where a couple brought the actual cash with them. The realtor said "haha we don't accept motion picture cash" followed by "holy crap this is real" and kicked us all out.
Haha wow, was it in a briefcase?
#115 MrBean
ryanflucas wrote:
I'm looking at homes in the range of 300k to 350k with people tossing 100k+ over asking in cash. I was at a open house recently where a couple brought the actual cash with them. The realtor said "haha we don't accept motion picture cash" followed by "holy crap this is real" and kicked us all out.
Haha wow, was it in a briefcase?
11-Aug-22 3:16pm
#116 Admiral
We bought our home for $190k nine years ago, sold it for $320k last month. It was listed for 4 days, and the first couple who walked through made an offer the next day for our asking price. They got 6.75% interest (for reference - we refinanced last year for just 2.75%
)
Part of me said "WE ASKED FOR TOO LITTLE!!!"...but my GF says oh well, we got what we wanted. Problem for me is that our $320k was what our realitor recommended. I wonder if they went low just to get really quick sales?
#116 Admiral
We bought our home for $190k nine years ago, sold it for $320k last month. It was listed for 4 days, and the first couple who walked through made an offer the next day for our asking price. They got 6.75% interest (for reference - we refinanced last year for just 2.75%
)Part of me said "WE ASKED FOR TOO LITTLE!!!"...but my GF says oh well, we got what we wanted. Problem for me is that our $320k was what our realitor recommended. I wonder if they went low just to get really quick sales?
11-Aug-22 3:47pm
#118 Admiral
Porksta wrote:
6.75? They must have had really crapty credit. That's an insane rate.
I'm not sure...they put down 10% in cash I think, plus $5k in escrow hand money....so I really don't think they struggle financially. I think that's just what is happening in the market right now.
#118 Admiral
Porksta wrote:
6.75? They must have had really crapty credit. That's an insane rate.
I'm not sure...they put down 10% in cash I think, plus $5k in escrow hand money....so I really don't think they struggle financially. I think that's just what is happening in the market right now.
11-Aug-22 3:53pm
#119 nonamesleft
MrBean wrote:
ryanflucas wrote:> I'm looking at homes in the range of 300k to 350k with people tossing 100k+ over> asking in cash. I was at a open house recently where a couple brought the actual> cash with them. The realtor said "haha we don't accept motion picture cash" followed> by "holy crap this is real" and kicked us all out. Haha wow, was it in a briefcase? An attache chase is maybe the only acceptable method to pull that sort of stunt.
#119 nonamesleft
MrBean wrote:
ryanflucas wrote:> I'm looking at homes in the range of 300k to 350k with people tossing 100k+ over> asking in cash. I was at a open house recently where a couple brought the actual> cash with them. The realtor said "haha we don't accept motion picture cash" followed> by "holy crap this is real" and kicked us all out. Haha wow, was it in a briefcase? An attache chase is maybe the only acceptable method to pull that sort of stunt.
11-Aug-22 5:55pm
#120 loztdogs
I closed on my house June 10 and I had a 4.6 interest (my credit is 815 for reference) and I had to buy the rate down. We listed our house at 507k and the sold it for 552k that’s with 4 offers on the table. The people that bought my house removed ALL contingencies. Kinda why we chose them.
#120 loztdogs
I closed on my house June 10 and I had a 4.6 interest (my credit is 815 for reference) and I had to buy the rate down. We listed our house at 507k and the sold it for 552k that’s with 4 offers on the table. The people that bought my house removed ALL contingencies. Kinda why we chose them.
11-Aug-22 6:45pm
#121 Sun
Admiral wrote:
We bought our home for $190k nine years ago, sold it for $320k last month. It was listed for 4 days, and the first couple who walked through made an offer the next day for our asking price. They got 6.75% interest (for reference - we refinanced last year for just 2.75%) Part of me said "WE ASKED FOR TOO LITTLE!!!"...but my GF says oh well, we got what we wanted. Problem for me is that our $320k was what our realitor recommended. I wonder if they went low just to get really quick sales?
You get the final say at the end of the day. You didn’t have to list it at $320K if you didn’t want to just because that’s what your realtor suggested.
My property management company want to rent out our rental property at $3000 after the first tenant moved out after being there for 2 years. They were paying $2725. I said list it at $3500 and lower it to $3300 if it doesn’t rent out in 2 weeks. They had 3 applications in the first week it was listed for rent.
#121 Sun
Admiral wrote:
We bought our home for $190k nine years ago, sold it for $320k last month. It was listed for 4 days, and the first couple who walked through made an offer the next day for our asking price. They got 6.75% interest (for reference - we refinanced last year for just 2.75%
) Part of me said "WE ASKED FOR TOO LITTLE!!!"...but my GF says oh well, we got what we wanted. Problem for me is that our $320k was what our realitor recommended. I wonder if they went low just to get really quick sales?You get the final say at the end of the day. You didn’t have to list it at $320K if you didn’t want to just because that’s what your realtor suggested.
My property management company want to rent out our rental property at $3000 after the first tenant moved out after being there for 2 years. They were paying $2725. I said list it at $3500 and lower it to $3300 if it doesn’t rent out in 2 weeks. They had 3 applications in the first week it was listed for rent.
This housing market